HarbourVest appoints private credit veteran to lead evergreen strategy

## HarbourVest Appoints Private Credit Veteran to Lead Evergreen Strategy

HarbourVest Partners has announced the appointment of Tony Ranaldi as managing director of Evergreen Portfolio Management. This strategic hire is part of the firm's initiative to expand its evergreen platform, which will encompass direct lending and credit secondaries. Ranaldi will be based in Boston and is tasked with overseeing portfolio construction and investment strategy for HarbourVest's Private Credit Evergreen solutions. His responsibilities will also include investment monitoring, liquidity management, and portfolio risk management.

The firm's expansion into evergreen structures is designed to offer institutional and wealth investors continuous access to private markets. This approach differs from traditional closed-end funds by emphasizing ongoing capital deployment, flexible portfolio construction, and liquidity management, allowing investors to subscribe to vehicles where capital can be deployed and recycled over time.

Ranaldi brings almost three decades of experience to his new role, spanning private credit, opportunistic credit, and private equity. Prior to joining HarbourVest, he served as a senior adviser at Sixth Street, where his focus was on sourcing and evaluating private credit investments. His career also includes founding Tucks Point Partners and holding senior investment and portfolio management positions at other prominent firms.

Notably, Ranaldi's prior experience includes significant roles at Berkshire Partners and DDJ Capital Management. This background positions him to lead HarbourVest's efforts in developing and managing its growing evergreen private credit offerings. His expertise will be particularly leveraged in the area of credit secondaries.

A key focus for Ranaldi will be credit secondaries, which involve acquiring interests in existing private credit funds or portfolios. This segment of the market offers investors exposure to more mature underlying assets and provides an additional entry point into the private credit market. HarbourVest's multi-manager model and extensive network are expected to support Ranaldi's objectives in expanding the firm's credit secondaries business. As of June 30, 2026, HarbourVest managed over $165 billion in assets globally.

This appointment and the expansion of the evergreen platform highlight a growing trend in the private equity sector towards more flexible and accessible investment structures. The emphasis on continuous capital deployment and liquidity management reflects an evolving demand from investors for ongoing private market exposure, particularly within the private credit space, which continues to attract significant capital flows and innovation in product offerings. This could signal a broader shift among GPs to cater to a wider range of investor preferences through evergreen and similar strategies, potentially increasing the accessibility and integration of private markets into diversified portfolios.